Enzolytics Inc. Announces Dismissal of The Dimitar Savov Lawsuit in Nevada

Rhea-AI Summary

Enzolytics Inc. announced the dismissal of the Dimitar Savov lawsuit in Nevada, marking the end of a two-year legal battle. The company updated on the OTC annual report progress and business model shift towards sales, marketing, and distribution services for medical devices, nutraceutical, and medical testing technology. Enzolytics is actively defending against litigation and expects to resolve administrative issues soon.

Offers Update on OTC Annual Report and Business Model

ALLEN, TX / ACCESSWIRE / April 23, 2024 / Enzolytics, Inc. (OTC PINK:ENZC) (enzolytics.com)(the "Company") today disclosed that on April 9, 2024, the US District Court of Nevada dismissed the lawsuit, 22-cv-00401-GMN-DJA brought by Dimitar Savov against IMMB bringing to an end the claims alleged in this suit. Originally filed on March 3, 2022 against the corporation that ENZC had its assets, including ITV-1, IMMB and ENZC have successfully defended their position against the plaintiff through 2 years of litigation. Enzolytics will continue to aggressively defend any litigation.

Updating the progress on the December 31, 2023, OTC annual report the Company has completed its disclosure and financial statements and is waiting for an administrative issue to be resolved with OTC Markets. Because of the change of directors, a change in control had to be filed with OTC and the Company has done that, paid the fees, and is awaiting final approval. The Company is in contact with OTC Market representatives and expects the process to be completed with the uploading of the report to immediately following its resolution. The Company has discovered and corrected several other administrative issues in the past weeks and expects to resolve any remaining items soon.

The ENZC website, which was taken down by someone other than the Company, is being brought back online as quickly as possible and will be updated shortly for the changes in directors and officers and a copy of the disclosures and financial statements for December 31, 2023, will be published there. The Company has a new X/Twitter profile: @EnzolyticsInc.

Management has further defined the new direction being undertaken by ENZC. Negotiations have been entered into with potential partners and suppliers for the development of a strategy to provide sales, marketing and distribution services for Medical Devices, Nutraceutical and Medical Testing Technology. ENZC expects to enter into licensing, acquisition and partnership agreements from its current efforts.

"This is a victory for ENZC and brings to a close a legal battle. ENZC will continue to defend itself against all claims made by any and all plaintiffs trying to harm the company and the underlying Shareholder value", said Steve Sharabura, Interim CEO. "I am also appreciative of the progress we, as a team, are making in the implementation of the new business model focusing licensing, acquiring and partnering with entities in the medical devices, medical testing and nutraceutical products markets."

Enzolytics, Inc. Overview

Enzolytics, Inc. is transitioning from a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases to a sales, marketing and distribution entity focusing on medical devices, medical testing and nutraceutical products.

Forward Looking Statements

Safe Harbor Statement: This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. from time to time in its periodic reports filed with the SEC.

While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to identify acquisition targets and formulate a business strategy for implementation. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.

Such forward-looking statements are based on current expectations. They involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release. The Company expressly disclaims any intention or obligation to update the forward-looking statements or update the reasons why actual results could differ from those projected in the forward-looking statements.

Company Contact:

Enzolytics, Inc.
1101 Raintree Circle
Allen, Texas 75013
www.enzolytics.com
X/Twitter: @EnzolyticsInc

SOURCE: Enzolytics, Inc.

View the original press release on accesswire.com

FAQ

What lawsuit was dismissed in Nevada by Enzolytics Inc.?

The Dimitar Savov lawsuit brought against IMMB was dismissed by the US District Court of Nevada, ending a two-year legal battle.

What is the status of the OTC annual report for Enzolytics Inc.?

Enzolytics Inc. has completed its disclosure and financial statements for the December 31, 2023, OTC annual report and is awaiting final approval after resolving administrative issues.

What is Enzolytics Inc.'s new business model focus?

Enzolytics Inc. is transitioning to focus on sales, marketing, and distribution services for medical devices, medical testing, and nutraceutical products.

Who is the Interim CEO of Enzolytics Inc.?

Steve Sharabura is the Interim CEO of Enzolytics Inc., overseeing the company's legal defense, business model transition, and new partnerships.

What is the new X/Twitter profile of Enzolytics Inc.?

The new X/Twitter profile of Enzolytics Inc. is @EnzolyticsInc, providing updates on the company's progress and developments.